CPP falls further as miss-selling compensation looms

30th Oct 2013 09:49

Revenues have fallen badly at credit card insurance provider CPP Group as it prepared to pay compensation as part of the miss-selling scheme. The AIM company, which appointed new Chief Executive and Chief Financial Officers in September, said group turnover fell 38% since June 30th.Renewal rates for its services in the UK fell 0.6% to 70.7% due to publicity around a scheme the company set up to pay miss-selling compensation required by the UK regulator, the Financial Conduct Authority.Outside the UK, CPP said its live policy base remained stable.Shares in CPP fell 12.6% to 9.51p at 10:13 on Wednesday. OH